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H 200 - Ohio State Study Resources
  • 6 Pages Econ
    Econ

    School: Ohio State

    Matthew Larson Professor Fleisher Econ H200 2/25/08 Crude oil prices have fluctuated greatly from 1950 up until 2007. This is due to a string of geopolitical events and natural disasters. Numerous articles and expert opinions have been written on the

  • 9 Pages EconH200L3
    EconH200L3

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Comparative Advantage and Trade What determines which people produce which goods? In this simple "economy" there are two goods, meat and potatoes, and two people who we will call the rancher and the farmer. (I wonder why?) Both people have 8 hours to

  • 8 Pages EconH200L4
    EconH200L4

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Supply and Demand A market is a group of buyers and sellers of a particular good or service. The definition of the good is a matter of judgement: Should different locations entail different goods (and different markets)? What about quality, time, or

  • 9 Pages EconH200L5
    EconH200L5

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Elasticity The price elasticity of demand measures the sensitivity of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to price changes, and elastic if demand changes a lot when the price changes. Nece

  • 6 Pages EconH200L6
    EconH200L6

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    The Effect of Government on Markets 1. Price Ceilings Price controls (like price ceilings and floors) are among the most invasive government interventions on markets, and are usually very inefficient. The American Assoc. of Ice Cream Eaters wants a P

  • 11 Pages EconH200L7
    EconH200L7

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    The Efficiency of Markets What is the best quantity to be produced from society's standpoint, in the sense of maximizing the net benefit to society? We need to look at the benefits to consumers and producers. Consumer Surplus Start by looking at eac

  • 6 Pages EconH200L8
    EconH200L8

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Application of Welfare Analysis: The Costs of Taxation A tax causes the after-tax price paid by consumers to go up, and the after-tax price received by sellers to go down. The tax causes consumer surplus and producer surplus to go down. However, the

  • 16 Pages EconH200L9
    EconH200L9

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Costs of Production What decisions lie behind the supply curve, and why is the supply curve upward sloping? Obviously, costs are crucial. We will begin by discussing opportunity cost in more detail, and distinguishing between economic costs and accou

  • 11 Pages EconH200L10
    EconH200L10

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Perfectly Competitive Markets A firm's decision about how much to produce or what price to charge depends on how competitive the market structure is. If the Cincinnati Bengals raise their ticket prices by 5%, there will be a small reduction in the qu

  • 9 Pages EconH200L11
    EconH200L11

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Equilibrium in Perfectly Competitive Markets (Assume for simplicity that all firms have access to the same technology and input markets, so they all have the same cost curves.) Market Supply in the Short Run To derive the market supply curve from the

  • 21 Pages EconH200L12
    EconH200L12

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Monopoly A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natura

  • 23 Pages EconH200L13
    EconH200L13

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Oligopoly Oligopoly is a market structure in which the number of sellers is small. Oligopoly requires strategic thinking, unlike perfect competition, monopoly, and monopolistic competition. Under perfect competition, monopoly, and monopolistic compe

  • 7 Pages EconH200L2
    EconH200L2

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Two Examples of Economic Models The Circular Flow Diagram: A simple model of who participates on what markets. Examples of Inputs or Factors of Production are labor, land, capital, energy, and materials. The model assumes that firms do not buy goods

  • 12 Pages EconH200L1
    EconH200L1

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Principle #1: People Face Tradeoffs To get something you want, you have to give up something else you want. Scarce resources. Think of allocating your time or money. Societies face a tradeoff between more consumer goods (low taxes) and more public go

  • 1 Page EconH200Hpractice
    EconH200Hpractice

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Ohio State University Department of Economics Econ. H200 Fall 2006 Problems on Elasticity and Government Intervention Prof. James Peck Chapter 5 Problems 2, 5, and 11. Chapter 6 Problems 1, 2, 4 Preparation for Midterm: Do not hand in.

  • 2 Pages Definitions for chapter 2
    Definitions For Chapter 2

    School: Ohio State

    Definitions for Chapter 2 Consumptions goods and services- Goods and services that are bought by individuals and used to provide personal enjoyment and contribute to a person's quality of life Capital goods- Goods that are bought by businesses to inc

  • 1 Page Definitions for chapter 1
    Definitions For Chapter 1

    School: Ohio State

    Definitions for Chapter 1 Scarcity- The condition that arises because wants exceeds the ability of resources to satisfy them Economics- The social science that studies the choices that we make as we cope with scarcity and the incentives that influenc

  • 9 Pages Econ PS#1 Answers
    Econ PS#1 Answers

    School: Ohio State

    Ch1. 5. Causation and correlation (see p19) - Life expectancy & living environment The fact mentioned in the question tells us that there is a high correlation between life expectancy and living environment. This is true. However, it is not easy to f

  • 6 Pages Econ PS#2 Answers
    Econ PS#2 Answers

    School: Ohio State

    Ch. 3 new ed, 4 old. Demand, Supply, and Price 1. Supply and demand curve (see pp.78, 79) Equilibrium price and quantity Price per Slice ($) 5 4 3 2 1 D S 140 Market equilibrium price: $3 Market equilibrium quantity: 140 slices If Price > $3 exces

  • 1 Page EconH200H1
    EconH200H1

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    The Ohio State University Department of Economics Econ H200 Autumn 2006 Homework #1 Chapter 1, Review Question 3, Problems 5, 7, 8, Chapter 2, Review Question 7, Problem 2 (just 2a, 2b, and 2c). Prof. James Peck Due Thursday, September 28.

  • 1 Page EconH200H2
    EconH200H2

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Ohio State University Department of Economics Econ. H200 Fall 2006 Prof. James Peck Homework #2 Chapter 3, Problems 2 and 7, Chapter 4, Review Question 10, Problems 8, 12, and 13. Due Tuesday, October 10

  • 1 Page EconH200H3
    EconH200H3

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Ohio State University Department of Economics Econ. H200 Fall 2006 Homework #3 Prof. James Peck Homework #3 Chapter 7, Problems 3,4, 5, and 9. Note: On Problem 9, when you are asked to draw the demand curve, this refers to the quantity of medical p

  • 1 Page EconH200H4
    EconH200H4

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Ohio State University Department of Economics Econ. H200 Fall 2006 Homework #4 Prof. James Peck Chapter 8, Problems 10 and 11. Chapter 13, Problems 4, 5, and 10. Note: On Chapter 13, Problem 10, the variable cost should be $5 Q, not average variabl

  • 1 Page EconH200H5
    EconH200H5

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Ohio State University Department of Economics Econ. H200 Fall 2006 Homework #5 Prof. James Peck Chapter 15 Problems 1, 6, 11, and 13. Due Tuesday, November 21

  • 1 Page EconH200Hpractice2
    EconH200Hpractice2

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Ohio State University Department of Economics Econ. H200 Fall 2006 Problems on Perfect Competition Prof. James Peck Chapter 14 Questions for Review 5 and 6, Problems 1, 7, 9, and 11. Hint for problem 11: For the original equilibrium with 1000 seller

  • 1 Page EconH200Hpractice3
    EconH200Hpractice3

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    Ohio State University Department of Economics Econ. H200 Fall 2006 Problems on Oligopoly and Game Theory Prof. James Peck Chapter 16 Problems 3, 6, and 11. Preparation for Final: Do not hand in.

  • 5 Pages SYLLH200.F06
    SYLLH200.F06

    School: Ohio State

    Course: PRINCIPLES OF MICROECONOMICS (HONORS)

    The Ohio State University Department of Economics Econ. H200 Autumn 2006 Tuesdays and Thursdays 12:30 - 2:18, Derby Hall 62 Prof. James Peck Syllabus: Principles of Microeconomics (Honors) Course Objective: To provide a thorough introduction to econ

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